Your Company makes a single product. Only one kind of direct material is used to make this product. The company uses a standard cost system. The company's cost records for June show the following data: Number of units produced . 10,000 Material price variance. $8,400Unfavorable Material quantity variance. $8.000Favorable Actual direct material used . 21,000pounds Direct materials standard price. S8per pound The standard cost of direct material for one unit of output is: O $16.00 O S 2.20 O $17.60 O S 8.00

Your Company makes a single product. Only one kind of direct material is used to make this product. The company uses a standard cost system. The company's cost records for June show the following data: Number of units produced . 10,000 Material price variance. $8,400Unfavorable Material quantity variance. $8.000Favorable Actual direct material used . 21,000pounds Direct materials standard price. S8per pound The standard cost of direct material for one unit of output is: O $16.00 O S 2.20 O $17.60 O S 8.00

Name: Your Company makes a single product. Only one kind of direct material
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Description: Your Company makes a single product. Only one kind of direct material is used to make this product. The company uses a standard cost system. The company's cost records for June show the following data:Number of units produced.10,000Material price va

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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PRESENT YOUR ANSWER AS: (10) IF FAVORABLE OR 10 IFUNFAVORABLE. The Standard manufacturing corporation uses a standardcost system in accounting for the cost of its only product.The standard cost per unit (based on 10,000 unitsproduction) was set up as follows: Direct materials, 10 kgs@P11/kg.; Direct labor, 8 hours @ p50 per hour; Factoryoverhead, 8 hours @ P15 per hour. The following data onthe operations appear in the company's record for themonth of July: Units completed during the month, 8,000units; units in process at the end of the month, with 100%materials but half completed, 1,000 units; Direct materialsused, 95,000 kgs @ P10 per kg; Direct labor, P3,510,000 ata rate of P54; Actual overhead for the month P985,000.Compute for the Variable efficiency variance. Indicate whether favorable or unfavorable.
5.A manufacturing company uses a standard costing system for its product. The company uses a standard of 4 Direct Labor Hours per unit. Selected results for the most recent period are provided below: Budgeted Production 3,800 units Actual Production 2,300 units Actual Direct Labor Cost $20170 Labor Rate Variance 3,620Favorable Labor Spending Variance $3,750 Favorable G. Based on this information, actual Direct Labor Hours were: Answer. (Click to select)
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